by Kyna Steinfurth, Media Director
I have been reading multiple articles showing where retailers are spending their advertising dollars now versus past years. What these articles are missing is where they SHOULD be spending their dollars. As we all know, just because someone is doing something it doesn’t mean that they should be doing it.
Currently, jewelry retailers are spending the highest share of their budget on digital initiatives and the smallest shares of the marketing dollars are being allocated to the traditional media outlets (outdoor, radio and television).
Let me start by saying that I routinely find myself explaining digital marketing to clients and pushing (ok sometimes demanding) that they add it to their media mix. Digital advertising is important. Consumers are more fragmented than ever with their media usage. They are watching TV and browsing on their phones at the same time. They are working, listening to the radio and still browsing on their phones at the same time.
That said, most clients will not be able to increase their sales by doing digital advertising alone. I know, I know…feel free to throw the millions of statistics you’ve recently heard at me. I see them every day:
47% of Millennials and Gen Xers do not watch traditional TV
61% of American consumers listen to online radio
Print is dead, etc. etc. etc.
What’s being forgotten though is that more than half of Millennials and Gen Xers watch traditional TV. In fact, over 75% of consumers still watch regular television. More than half of the country’s population is still listening to local radio on a daily basis. Most listeners are treating online radio as just another local radio station option. Consumers are also still reading print publications. We have seen incredible results advertising in the typical lifestyle magazines as well as hyper-focused magazines for affluent neighborhoods. Newspaper advertising still works – if your message is geared to the consumers reading it.
Advertising is all about specifying who you want to reach and planning and executing the campaigns well. Currently, that means mixing more traditional forms of media with digital opportunities that, combined, will give you a great reach and frequency of message to your target consumer. Do you want to promote bridal? A schedule mix of local and online radio, digital banners targeted to those in the proposal funnel and social marketing to consumers who are in a relationship (but not married – don’t laugh at this…we’ve seen way too many retailers neglect to opt out of targeting consumers who are already married) will allow you to reach close to all the bridal consumers in your market.
Looking to promote high-end timepieces to men? Endorsements with the right local radio personality, mixed with the right print publication and digital initiatives works. It builds brand awareness and drives traffic to the store.
In the age of digital media, it's important not to overlook traditional media and its merits. A well-structured media plan that combines both forms will prove to be effective in reaching your targeted consumers.
